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Cash payment applicable to the capitalisation issue
Brimstone Investment Corporation Limited
(Incorporated in the Republic of South Africa)
Registration number 1995/010442/06
ISIN code: ZAE000015277 Share code: BRT
ISIN code: ZAE000015285 Share code: BRN
(“Brimstone”)
CASH PAYMENT APPLICABLE TO THE CAPITALISATION ISSUE
Shareholders are referred to Brimstone’s reviewed provisional condensed consolidated financial
results for the year ended 31 December 2019 released on SENS on Tuesday, 10 March 2020 and the
finalisation announcement released on Friday, 24 April 2020, relating to the capitalisation issue
(“Capitalisation Issue”) of 7 “N” Ordinary shares for every 100 “N” Ordinary or Ordinary shares (the
“Ratio”) held on Friday, 8 May 2020 (“Record Date”).
If the application of the Ratio gives rise to a fraction of a new “N” Ordinary share, such fraction will be
rounded down to the nearest whole number and the cash balance will be paid to the shareholder
(“Rounding Provision”). In accordance with the JSE Listings Requirements, the cash balance must be
determined with reference to the volume weighted average price (“VWAP”) of the “N” Ordinary
shares traded on Wednesday, 6 May 2020 (being the day on which the “N” Ordinary shares began
trading ex entitlement to the Capitalisation Issue), discounted by 10%.
Shareholders are accordingly advised that the basis applicable in determining the cash balance for the
fractional entitlement is R4.95036 (being the VWAP of R5.50041 discounted by 10%). Dividend
withholding tax will be deducted at a rate of 20%, resulting in a net cash payment of R3.96029 per
new “N” Ordinary share before applying the fractional entitlement.
Illustrative example of the cash payment received in respect of a fractional entitlement
Set out below is an illustrative example which assumes that a shareholder holds 150 Ordinary shares
or 150 “N” Ordinary shares at the close of business on the Record Date.
A shareholder holding 150 Ordinary shares or 150 “N” Ordinary shares will receive 10.5 new “N”
Ordinary shares calculated as 7 x 150/100. In terms of the Rounding Provision described above, a
shareholder will receive 10 “N” Ordinary shares in respect of the 150 Ordinary shares or 150 “N”
Ordinary shares held and a cash balance for the fractional entitlement of 0.5 x R4.95036, which equals
R2.47518.
The cash payment in respect of fractions arising from the Capitalisation Issue will be deemed to be a
dividend from an income tax perspective and, in the absence of any applicable exemption, dividend
withholding tax will be deducted at a rate of 20%, resulting in a net cash payment of R1.98015 per
new “N” Ordinary share.
7 May 2020
Investment Bank, Corporate Advisor and Sponsor
Nedbank Corporate and Investment Banking
Date: 07-05-2020 11:39:00
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